Gold Prices Hit Record Highs In Pakistan And Global Markets

Web desk: Gold prices in Pakistan rose to record highs on Monday, following a sharp increase in global markets.

According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the rate of gold per tola jumped by Rs5,400 in a single day, taking the price to Rs415,278 in the local market.

The cost of 10 grams also moved higher by Rs4,629, settling at Rs356,033, the highest figure ever recorded.

On Saturday, gold per tola had already climbed to Rs409,878 after an increase of Rs2,100 during trading.

The surge reflected a global rally, with international bullion prices crossing the $3,900 mark for the first time.

Spot gold touched an all-time high of $3,949.34 earlier in the session and was last seen up 1.4 per cent at $3,940.04 per ounce around 1108 GMT.

APGJSA reported the international rate at $3,940 per ounce, including a $20 premium, which marked a $54 rise in a single day.

The spike in prices came after the yen fell sharply and the United States entered a government shutdown, both of which pushed investors towards gold.

Growing expectations that the US Federal Reserve will cut interest rates further also gave the precious metal fresh momentum.

Other metals moved higher alongside gold. Spot silver rose 1.2 per cent to $48.53 per ounce, reaching its strongest level in more than 14 years. Platinum gained 0.6 per cent to $1,615.45, while palladium added 1.6 per cent to

Gold prices rose sharply as the yen lost value and the US government shutdown pushed investors to seek safer assets. Expectations of more interest rate cuts by the Federal Reserve also added to the price increase.

Silver prices in Pakistan increased too, up by Rs53 per tola to Rs4,949. In global markets, gold gained $54 to reach $3,940 per ounce. Analysts say the rise is mainly due to investor uncertainty and inflation concerns, which have boosted demand for gold.

Gold Prices Hit Record Highs